After years with offices scattered across different buildings, Spokane (Washington) Public Schools is consolidating its school programs and central administration under one roof, thanks to a key building purchase.
The school system, Spokane School District 81, shelled out $12.2 million for the four-story brick building dubbed Riverpoint One, but it expects that investment to translate to more than $300,000 in yearly savings — not to mention $1 million in rent revenue from the building's existing tenants. The purchase also strengthens student access to Spokane Community College, which sold the building but maintains a footprint, making for a more efficient experience that could pay education dividends in years to come.
The deal is a "strong, functional acquisition for the school district," said Gene Arger of G. Arger Co. Real Estate. That is one of the reasons why the transaction earned a CoStar Impact Award, as judged by a panel of regional real estate experts.
About the project: This Class B, four-story office property at 501 N. Riverpoint Blvd. encompasses 70,856 square feet and traded in January 2025. The 1988-built property counts financial firms Raymond James and Financial Forum as additional tenants, alongside insurance company Marsh & McLennan Agency.
What the judge said: It's one that "stands out for repositioning Spokane Public Schools into a more appropriate educational setting in the University District while catalyzing future economic activity through the disposition of its downtown campus," said Alicia Barbieri of Goodale & Barbieri.
They made it happen: Tim Kestell and Richard Fox of Kiemle Hagood were the buyer brokers. Craig Soehren, also of Kiemle Hagood, was the listing broker.